CBRE Cap Rate Survey February 2012
-
Upload
cre-console -
Category
Documents
-
view
217 -
download
0
Transcript of CBRE Cap Rate Survey February 2012
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 1/32
ML\A Mdv \d~a ]q\way
Mkimc ~j A`~a|
D ML\A Vqlkimd~ij` Gal|qd|y <64<
I ^i I?
Jwa|wiar vb <
Jggima vb 1
Eqk~ihjq}i`b vb 4<
\a~dik vb 47
I`nq}~|idk vb <=
Hj~ak} vb <2
Dvva`nix vb =6
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 2/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
<
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
I`}j| ne`n gj| q] mjee|mik |k } }}} x`nn i` <644 d }n |mj| i` h k}i`b e|c mj`niij`} h n|i i`mje
mjeli`n rih ljh kjr |} jg ||` `n xm}}i jkiki i` jh| }} mk}}} h} |}nn e` i`}j|} j |mj`}in| mjee|mik |k} i`}e`} Gib|} g|je \k Mik d`kim} (\Md) }hjr h |`}mij` jke b|r j| 16! g|je <646 rih |`n |j| }k}
jki`b .<44< likkij` ~j hi} gib| i`j mj`x+ i` <661+ h gi|} | gj| rhimh mj`}i}` gib|} | iklk+ h q] e|c }r .==9>
likkij` i` mjee|mik |j| |`}mij`}
~h |ik `n hjk }mj|} }r h k|b} b|jrh |} i` i`}e` mii i` <644+ rih jke 894! `n 978! |}mik v| jg h}
hibh |} jg b|jrh i} g|je h |`|j`n jg xmij`} j` h mmi jg h q] mj`}e| ]|} jg i`}j| i``ij`} mj`}i}`k }hjrn
|ik } h k} gj|n }mj| |k i`j h njr`|` bi` h mj`}e| |kn mj`jeim }hjmc}
d`jh| gmj| n|ii`b h hibh |} jg b|jrh i} h i`}j| |g|`m gj| }g `n }m|i ~h \Md gib|} }hjr h gj| h |ik }mj|+
i`}e` }k mii rihi` h }|i m`| mjej`` r} 468! g|je | |ki| ~hi} mbj| i} h mjej`` m|i`b b|jm|
`mhj|n |ik rhimh me j l |imk|k gj|n l i`}j|} gj| rih h gjm} j` h }k jg h nik `m}}ii}3 h} }hji`b m`|}
r| `j } iemn l h nmki` i` ni}m|ij`| }`ni`b }` n|i`b h mj`jeim njr`|` Lj`n hi} }be` jg |ik hjr|+ jh|
}} } }}jmin rih mj| }}} `n mj| e|c} nin rkk I`}e` i` h jggim }mj| r} =49! | j| |+ kjr| h` j|kk
|`}mij` jke+ l h MLN jggim mjej`` r} 17=! | j| | ~h |mij` h h} }}} h ej| n|lk xi |imi`b+
`n xi kitini+ h en i`}j|} |imk|k h`b| gj| h} }}} hjbh h k|b kj }iz} k}j ec} MLN jggim }}} ` ggimi` r
j nkj k|b ej`} jg mik timck
~h |gj|e`m jg h }mj| |ki j jh| }} mk}}} i} mk|k n|ii`b i`}j|} j }c j nkj k|b ej`} jg mik i` mjee|mik
|j| i`}e`} ~h @M\aIG |j| i`nx }hjr} h |i ti |k } nki|n 4>=! jk ||` i` <644 ~hi} gib| me i`
4=4! ||` gj| <646 nki|i`b rj mj`}mi |} jg njlk%nibi ||`} L mj`|} h ]'v 166 j`k nki|n <4! jk ||` i`
<644 bi` h h|}h gkk%jgg }` i` db} gjkkjri`b h njr`b|n jg q] }j|ib` nl g|je ddd j dd# B|`n+ mjee|mik |k } k}j
}gg|n }jerh g|je h i`}j| }cii}h`}} h mmje`in h njr`b|n+ i`j h >h t|| jg <644 h m jg b|jrh i` i`}e`
}k} }kjrn j 46>! j` | j| | l}i} } i`}j|} }|bbkn j ec }`} jg h kjr kk} jg mikizij` |} `n xmij`} gj|
ejn| m jg ojl b|jrh i` h mjei`b |}
Q`i~an ]~d~a} Jwa|wiar
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 3/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
=
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Q`i~an ]~d~a} Jwa|wiar (mj`~i`qan)
N}i jkiki i` h }jmc e|c i` <644+ h klj| e|c }nik nnn ojl} ~h m jg ojl b|jrh mmk|n mh ej`h |k i` <644
|bi`b <62+666 `r ojl} | ej`h h|jbh d|ik ~h mjeli`n g gm} jg ln rh| i` h @j|h}+ j|`nj} i` h ]jh `n }kmhi` ni}|ij`} g|je h O`} ~}`ei mjeli`n j }h ej`hk ojl b|jrh njr` j ` |b jg 86+666 `r ojl} | ej`h g|je
E j db} jg <644 J| h |} jg h | hjbh+ h m jg ojl m|ij` |lj`nn+ |bi`b 426+666 `r ojl} | ej`h Rhik
h| r} }kjrnjr` i` b|jrh ein%|+ h `nk r} kr} eji`b i` h |ibh ni|mij` amj`jeim gj|m}} gj| <64< b`|kk hjkn ojl
b|jrh j kik ej| h` h rhimh r} }` i` <6443 }ikk ` hi} }kjr |`n jr|n b|jrh rikk hk h |gj|e`m jg h k}i`b e|c `n
|j| i`mje
Rih h xmij` jg h |ik }mj|+ kk mjee|mik |j| } |j|n gkki`b m`m |} i` <644 d | `n+ jim m`m |} gkk
j 476! rih ie|je`} i` ljh MLN `n ]l|l` jggim e|c ~h jg gim }mj| mj`i`} j `oj }|j`b |`}mij` jke+ rih emh jg h gjm} j` R}hi`bj` NM `n E`h` rhimh mmj`n gj| ej| h` >6! jg kk }k} i` <644 Gj| h |+ h jke jg jggim |`}mij`}
jkn o} `n| .7<9 likkij`+ =49! | j| |
In~|idk ikliki nmki`n }n m jg <6 l}i} ji`} | t|| i` <644 |mhi`b 4=1! l | `n a|k i` h |mj|+ j`k
hj} e|c} rhimh r| |bij`k ni}|ilij` m`|} j| mh hl} }r ie|je`} i` k}i`b l l | `n <644+ ` e|c} kic vhj`ix
rh| h gkk i` h hj}i`b m}n }j emh i` }r }l}`ik nmki`} i` ikliki |} ~h |mj| jg h i`n}|ik i`}e` e|c
i` h} hj}i`b n|i` e|j |} i} }ikk `j} hjr| rih j| }| jg m |} gj| }likizn mk}} d }}} }ikk i` h hibh 7! j ein 2!
|`b gj| }}} i` hj}i`b%n|i` e|c} |}} h kjr 1! |`b gj| ni}|ilij` gjm}n e|c}
\~dik h} l` h j`k |j| }mj| j |j| n|ij|i`b g`ne`k} g|je k} | \ik ikliki me i` 4=<! l | `n+
g|je 4=6! h `n jg <646 ~h }ik| ki`i`b i` h e|c i} h m jg i`m|} h} }jn rih ikliki `jr `mh`bn g|je h =|n
t|| dmmj|ni`b j \Md+ }k} jke |mhn j .><4 likkij` i` <644 |}} .<<= likkij` i` <646 \jbhk 76! jg h jke i` <644
r} gjm}n j` h }|i m`| mjej`` jg h e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 4/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
>
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Q`i~an ]~d~a} Jwa|wiar (mj`~i`qan)
Ek~ijib mj`i`} j `oj h hkhi} g`ne`k} } mje|n j h jh| |j| }mj|} wm`m }jjn 1=! l | `n <644+
njr` g|je 76! h `n jg <646 ~h m`m | gj| h }mj| i} `jr h kj`b%|` |b `n } ne`n mj`i`} j b|jr+ nniij`k|` |}}| m` l xmn \`} b|r ` kej} 1! m i` <644 |}} 4>! gj| <646 ~h }k jg hibh%|i} }}} mmj`n gj| |jbhk
<2! jg kk i`}e` jke i` h |} g|je <661 j <668 l h mmj`n gj| o} `n| =7! jg kk mii }i`m <669 i` | n j i`}j|
|g|`m gj| }}} i` br e|c} I` <644+ o} j| <>! jg kk i`}e` mii r} gjm}n j` @r yj|c `n R}hi bj` NM+ e|c}
rh| }likizn mk}} d m |} }jjn >! `n >1! |}mik h `n jg <644
I` h j~k }mj| h m jg b|jrh i` |` | iklk |jje (\v|) mj`i`} j }e hn I` h gkk }|im }be`+ gj| h >h
t|| jg <644 \v| b|r 28! g|je | |ki| rhik h kiein }|im }be` }r b|jrh jg 87! ~hi} m jg \v| b|jrh h}
l` gi|k mj`}` }i`m h mj`jeim |mj| }|n i` <646 Rih j`%`ibh k} |e+ h hjk }mj| r} h gi|} }mj| j }hjr `ie|je` ~h |mj|i`b g`ne`k} h hkn i`}j|} ec h oe i`j h hjk }mj| rih i`}e` }k} `|k njlki`b
i`j <644
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 5/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
1
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Jgma { J|ir
I`wa}~ea`~ wjkqea i` ~ha jma }am~j| i} qv .42= likkij` i` <644 wa|}q} <646 ^j vq~ ~hi} bq|a i` va|}vam~iwa+ i` <669 nq|i`b ~ha ej}~
mhdkka`bi`b amj`jeim a`wi|j`ea`~ ~ha ed|ca~ hd} }aa` i` d ba`a|d~ij`+ ~j~dk jma i`wa}~ea`~ dm~iwi~y rd} ka}} ~hd` .424 likkij`3 ka}} ~hd` ~ha
i`m|ad}a |je kd}~ yad| Ej}~ j ~hi} i`m|ad}a i` dm~iwi~y rd} }aa` i` ~ha MLN jma ed|ca~ rhimh }dr d` i`m|ad}a j .4<8 likkij` |je d yad|
ad|kia| ~j |admh .=1> likkij` i` dm~iwi~y ^ha}a ed|ca~} hdwa }hjr` ej|a kitqini~y ~hd` ~ha }qlq|ld` ed|ca~} i` <644 ri~h }dka} |av|a}a`~i`b
17! j dkk dm~iwi~y na}vi~a ~ha}a ed|ca~} |av|a}a`~ j`ky >6! j dkk jma i`wa`~j|y i` ~ha Q]
^ha ML\A Mdv \d~a ]q|way hibhkibh~} d }ib`imd`~ ni}vd|i~y i` i`wa}~j| naed`n j| jma d}}a~} dm|j}} nia|a`~ ~yva} j ed|ca~} ^ha|a i} d
>16 ld}i} vji`~ }v|adn la~raa` ~ha kjra}~ d`n hibha}~ mdv |d~a} j| }~dlikizan Mkd}} D jma d}}a~} i` MLN }qled|ca~} d`n |jqbhky d =96
ld}i} vji`~ }v|adn j| d}}a~} i` ]qlq|ld` }qled|ca~} I` ~ha ein%yad| <644 wa|}ij` j ~hi} |avj|~+ ~ha ni}vd|i~y la~raa` ~ha hibha}~ d`n kjra}~
MLN ed|ca~} rd} dk}j d~ dljq~ >16 ld}i} vji`~} lq~ i` ]qlq|ld` d|ad} ~ha }v|adn rd} d||jra| d~ =>6 ld}i} vji`~} Ri~h v|imi`b }j ~ibh~ j|
mj|a d}}a~} i` MLN jma ed|ca~}+ }jea i`wa}~j|} d|a labi``i`b ~j }~|a~mh ~j i`wa}~ea`~} i` }qlq|ld` kjmd~ij`} i` d }akam~ `qela| j ed|ca~}
d`n mdv |d~a} d|a dnoq}~i`b
]km g|je h ki} lkjr j mm}} h m||` MLN jggim m |} `n gj|m}
Njrkjdn d Mjevk~ Jim MLN M||~ Mdv \d~ Md|~ (VNG)
Njrkjdn d Mjevk~ Jim MLN Mdv \d~ Gj|md~ Md|~ (VNG)
]km g|je h ki} lkjr j mm}} h m||` }l|l` jggim m |} `n gj|m}
Njrkjdn d Mjevk~ Jim }l|ld M||~ Mdv \d~ Md|~ (VNG)
Njrkjdn d Mjevk~ Jim }l|ld Mdv \d~ Gj|md~ Md|~ (VNG)
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 6/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
7
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Jgma MLN { a}|` \bij`
/ Mje|n j 4} Hkg <644
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
D~kd~d
Ldk~iej|
Lj~j
Md|kj~~
Odmcjwikk
Eevi
Eidei
`dwikk
`r Yj|c Mi~y
J|kdnj
Vi~~l|b
Vikdnkvid
\dkib
^devd
Rdib~j+ NM
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ D~kd~d 721! % 2<1! I 216! % 866! 216! % 866! 816! % 9<1! 916! % 46<1! 4616! % 4416!
I
Ldk~iej| 716! % 721! I 2<1! % 221! 8<6! % 876!I
886! % 9>6! 916! % 4666!I
4466! % 4<66!
Lj~j >16! % 116! I 2<1! % 8<1! 716! % 216!I
216! % 816!I
866! % 966!I
966! % 4666!I
Md|kj~~ 716! % 216! 266! % 216! 266! % 216! 216! % 8<1! 816! % 916! 4666! #I
Odmcjwikk 866! % 9<1! 4466! % 4=66! 821! % 4666!I
4416! % 4=16! @*d @*d @*d @*d
Eevi 816! % 966! @*d 966! % 4666! @*d 966! % 916! @*d 966! % 4666! @*d 4666! % 4466! @*d 4666! % 4466! @*d
Eidei 766! % 266! 2<1! % 866!I
721! % 221! 866! % 966! 2<1! % 8<1! 821! % 921!
`dwikk 786! % 216! 216! % 866! 821! % 966! I
916! % 4666! 916! % 4666!I
4666! #I
`r Yj|c Mi~y >16! % 166! 166! % 766!I
166! % 766! 766! % 266! @*d @*d @*d @*d
J|kdnj 721! % 2<1! I 216! % 866!I
221! % 816! 886! % 966! 9<1! % 921!I
4666! % 4616!
Vikdnkvid 716! % 266! 266! % 216! 216! % 866! 866! % 816! 966! % 4666!I
4666! % 4466!I
Vi~~l|b 216! % 866! I 866! % 816!I
816! % 966!I
916! % 46<1! 4616! % 44<1!I
4466! % 4<66!I
\dkib 716! % 216! 266! % 216! 266! % 216! 216! % 8<1! 816! % 916! 4666! #
^devd 716! % 216! 8<1! % 9<1! 8<1! % 916! I 966! % 4666!I
916! % 4616!I
4666! % 4466!I
Rdib~j+ NM >21! % 1<1! 1<1! % 766! 116! % 7<1!I
766! % 721! 716! % 216! 216! % 866!
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 7/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
2
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Jgma MLN { M`|k \bij`
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ D~i 121! % 716! 716! % 266!I
266! % 221! 216! % 816! 966! % 4666! 4666! % 4466!
Mimdbj 121! % 716! 716! % 266!I
266! % 216!I
216! % 221!I
@*d @*d @*d @*d
Mimid~i 866! % 966! 966! % 916! 916! % 4616!I
4666! % 4466!I
4616! % 4416!I
4466! % 4<16!
Mkwkdn 821! % 9<1!I
966! % 916! 916! % 4666!I
4666! % 4616! 4616! % 4466! I 4466! % 4<66!I
Mjkel 116! % 716! 7<1! % 216! 216! % 816! 216! % 816! 816! % 916! 816! % 916!
Ndkkd 866! % 966! 816! % 916!I
966! % 916! 916! % 4666! 916! % 4466! 4666! % 4466!
N~|ji~ 816! % 4666!I
966! % 4466!I
966! % 4<66!I
4666! % 4>66!I
4666! % 4=66!I
4<66! % 4166!I
hj~j 766! % 266!I
216! % 816!I
216! % 816!I
966! % 4666! 916! % 4666!I
4416! % 4<66!I
Iniddvjki 866! % 921! 866! % 921! 916! % 4466!I
9<1! % 4621!I
4666! % 4<21! @*d 921! % 44<1! @*d
Cdd Mi~y 8<1! % 816! 866! % 966! 916! % 4666! 916! % 4666! 4466! % 4<66! 4466! % 4<66!
Eidvjki 716! % 216! 866! % 966! 866! % 966!I
916! % 4616!I
4666! % 4<66! 4416! % 4=16!
}d D~jij 716! % 266!I
266! % 216!I
866! % 821! 821! % 916! 4666! % 4466! 4466! % 4<66!
}~. Kji 816! % 916! 9<1! % 46<1!I
916! % 4616! 46<1! % 44<1!I
4466! % 4>66! 4<<1! % 4166!
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn D~i
Mimdbj
Mimid~i
Mkwkdn
MjkelNdkkd
N~|ji~
hj~j
Iniddvjki
Cdd Mi~y
Eidvjki
}d D~jij
}~. Kji
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
/ Mje|n j 4} Hkg <644
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 8/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
8
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Jgma MLN { R}|` \bij`
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ Dklt|t 866! % 8<1! @*d 866! % 816! @*d 821! % 9<1! 821! % 9<1! @*d 4666! % 4466! @*d 4666! % 4466! @*d
Nw| 116! % 766!I
721! % 266! 721! % 266! 866! % 816! 866! % 816!I
966! % 916!I
Kd Wbd 266! % 866! 966! % 4666! 866! % 966! 4666! % 4466! 4666! % 4466! 4466! % 4<66!I
Kj Dbk 116! % 766!I
766! % 716!I
766! % 266!I
716! % 866!I
216! % 816!I
866! % 4666!I
J|db Mj~y 766! % 716!I
2<1! % 866! 2<1! % 8<1!I
8<1! % 9<1! 966! % 4666! 9<1! % 4466!
Vjix 716! % 266!I
216! % 866!I
216! % 866!I
816! % 966!I
816! % 966!I
916! % 4666!I
Vj|~kdn 7<1! % 266! 266! % 216!I
266! % 866!I
216! % 866!I
8<1! % 9<1! 216! % 4666!I
}dm|de~j 721! % 2<1! 221! % 816! 216! % 866! 816! % 9<1! 866! % 821! 966! % 4666!
}dk~ Kdc Mi~y 286! % 866!I
8<6! % 8>6!I
866! % 816!I
816! % 966! 4666! % 4=66! 4<66! % 4166!
}d Nibj 7<1! % 2<1!I
721! % 221! 216! % 866! 816! % 966! 221! % 821! 8<1! % 9<1!
}d G|dmimj >21! % 766! 766! % 266!I
766! % 216! 721! % 821! 866! % 4666!I
966! % 4466!I
}d~~k 116! % 121! 766! % 266!I
716! % 266!I
266! % 866!I
8<1! % 966! 9<1! % 4666!
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn Dklt|t
Nw|
Kd Wbd
Kj Dbk
J|db Mj~y
Vjix Vj|~kdn
}dm|de~j
}dk~ Kdc Mi~y
}d Nibj
}d G|dmimj
}d~~k
/ Mje|n j 4} Hkg <644
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 9/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
9
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Jgma ]qlq|ld` { a}|` \bij`
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ D~kd~d 721! % 2<1! 216! % 816! 221! % 821! 821! % 916! 921! % 4616! 4616! % 4416!
I
Ldk~iej| 721! % 2<1!I
221! % 8<1! 8<6! % 876!I
886! % 9>6! 916! % 4666!I
4466! % 4<66!
Lj~j 716! % 216!I
216! % 816!I
216! % 816!I
866! % 966!I
966! % 4666!I
4666! % 4<66!I
Md|kj~~ 2<1! % 866! 866! % 816!I
221! % 821!I
821! % 916!I
4666! % 4466! 4466! % 4<66!
Odmcjwikk 866! % 9<1! 4466! % 4=66! 821! % 4666! 4416! % 4=16! 4616! % 4<21! 4<66! % 4>16!
Eevi 866! % 816! @*d 216! % 866! @*d 966! % 916! @*d 816! % 966! @*d 4666! % 4466! @*d 4666! % 4466! @*d
Eidei 716! % 216!I
216! % 816!I
221! % 821! 821! % 921! I 966! % 4666! I 46<1! % 44<1!I
`dwikk 216! % 286!I
221! % 866! 816! % 966! 966! % 916! 4666! % 4616!I
4666! #I
J|kdnj 216! % 866! 866! % 816!I
8<1! % 821! 816! % 966! 9<1! % 921! 4666! % 4621!
Vikdnkvid 266! % 216! 866! % 816!I
966! % 4666! 4666! % 4466!I
4616! % 4<66!I
4466! % 4=66!I
Vi~~l|b 216! % 866!I
866! % 816!I
816! % 966!I
966! % 4666!I
4466! % 4<66! 4<66! % 4<16!
\dkib 2<1! % 866! 866! % 816! 221! % 821! 821! % 916!I
4666! % 4466! I 4466! % 4<66!
^devd 266! % 866!I
866! % 966!I
866! % 966!I
821! % 921!I
9<1! % 46<1!I
4666! % 4<66!I
Rdib~j+ NM 166! % 121! 266! % 216! 2<1! % 866! 866! % 816! 866! % 966! I 816! % 966! I
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
D~kd~d
Ldk~iej|
Lj~j
Md|kj~~ Odmcjwikk
Eevi
Eidei
`dwikk
J|kdnj
Vi~~l|b
Vikdnkvid
\dkib
^devd
Rdib~j+ NM
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
/ Mje|n j 4} Hkg <644
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 10/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
46
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Jgma ]qlq|ld` { M`|k \bij`
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn D~i
Mimdbj
Mimid~i
Mkwkdn
Mjkel
Ndkkd
N~|ji~
hj~j
Iniddvjki
Cdd Mi~y
Eidvjki
}d D~jij
}~. Kji
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ D~i 716! % 2<1! 216! % 8<1!I
866! % 821!I
816! % 9<1! 916! % 4466! 4466! % 4<66!
Mimdbj 216! % 816!I
8<1! % 966! 816! % 921! 9<1! % 46<1! 916! % 4621! 46<1! % 4<21!
Mimid~i 866! % 966!I
816! % 916!I
966! % 916! 916! % 4616!I
4666! % 4466! 4616! % 4<66!
Mkwkdn 821! % 9<1!I
966! % 916! 916! % 4666!I
4666! % 4616! 4616! % 4466!I
4466! % 4<66!I
Mjkel 116! % 716! 716! % 216! 216! % 816! 216! % 816! 816! % 916! 816! % 916!
Ndkkd 266! % 866! 216! % 816! 221! % 816! 866! % 816! 816! % 966! 966! % 4666!
N~|ji~ 816! % 4666!I
966! % 4466!I
966! % 4<66!I
4666! % 4>66!I
4666! % 4=66!I
4<66! % 4166!I
hj~j 216! % 866! 866! % 816! 866! % 816!I
966! % 4666!I
4666! % 4466! 4466! % 4<66!I
Iniddvjki 821! % 916! 816! % 9<1! 9<1! % 46<1!I
9<1! % 4616! 916! % 4466! @*d 921! % 4<21! @*d
Cdd Mi~y 221! % 816! 216! % 8<1! 966! % 4666!I
966! % 4666! 4666! % 4466! 4666! % 4466!
Eidvjki 7<1! % 221! 966! % 4666! 866! % 916! 4666! % 44<1!I
4666! % 4416! 4=66! % 4>66!
}d D~jij 2<1! % 866! 866! % 821! 816! % 966! 9<1! % 921! 4666! % 4466! 4466! % 4<66!
}~. Kji 216! % 816! 866! % 966! 966! % 4666! 966! % 4666! 4616! % 4<66! I 4666! % 4166! I
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
/ Mje|n j 4} Hkg <644
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 11/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
44
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Jgma ]qlq|ld` { R}|` \bij`
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ Dklt|t 866! % 8<1! 221! % 8<1! @*d 816! % 966! @*d 816! % 966!I
4666! % 4466! @*d 4666! % 44 66!
Nw| 716! % 266!I
221! % 8<1!I
866! % 816!I
966! % 916!I
966! % 4666!I
4616! % 4466!I
Kd Wbd 216! % 816! 916! % 4616! 816! % 916! 4616! % 4416! 916! % 4616! 4416! % 4< 16! @*d
Kj Dbk 116! % 266!I
766! % 216!I
716! % 216!I
266! % 866!I
216! % 966!I
816! % 4666!I
J|db Mj~y 766! % 716! 2<1! % 866!I
2<1! % 8<1! 8<1! % 9<1!I
966! % 4666! 9<1! % 4466!I
Vjix 266! % 216! 866! % 816! 866! % 816!I
966! % 916!I
916! % 4666!I
4616! % 4466!I
Vj|~kdn 216! % 866! 866! % 821!I
816! % 9<1! 9<1! % 46<1! 966! % 4666!I
4616! % 4466!I
}dm|de~j 266! % 216! 866! % 816! 221! % 816! 816! % 9<1! 816! % 9<1! 966! % 4666!
}dk~ Kdc Mi~y 286 ! % 866!I
8<6! % 8>6!I
866! % 816!I
816! % 966! 4666! % 4=66! 4<66! % 4166!
}d Nibj 766! % 266!I
716! % 216!I
721! % 221!I
2<1! % 8<1!I
216! % 816!I
866! % 966!I
}d G|dmimj 121! % 721!I
766! % 266! 766! % 216! 2<1! % 9<1! 821! % 4616! 9<1! % 4416!
}d~~k 116! % 7<1! I 766! % 866!I
716! % 216! I 266! % 866!I
216! % 966! I 866! % 916!
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn Dklt|t
Nw|
Kd Wbd
Kj Dbk
J|db Mj~y
Vjix Vj|~kdn
}dm|de~j
}dk~ Kdc Mi~y
}d Nibj
}d G|dmimj
}d~~k
/ Mje|n j 4} Hkg <644
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 12/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
4<
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Eqk~ihjq}i`b { J|ir
Dm|j}} dkk }am~j|} j mjeea|midk |adk a}~d~a i`wa}~ea`~+ eqk~ihjq}i`b i} ~ha }am~j| ~hd~ }dr ~ha ad|kia}~ ~q|`d|jq`n j i`wa}~j| i`~a|a}~ d} ~ha
vj}i~iwa ~|a`n} i` i`mjea q`ndea`~dk} }aa` jwa| ~ha kd}~ ~rj yad|} hdn laa` rinaky axvam~an ^ha }~dlikizi`b i`gqa`ma j ~ha nal~ v|jwinanly ~ha B]A} rd} d` a`j|ejq} hakv j| ed|ca~ kitqini~y d} rakk j~dk ~|d`}dm~ij` dm~iwi~y i` <644 mdea i` d~ .1=8 likkij` dmmj|ni`b ~j bq|a}|je \MD+ ~hjqbh ~hi} bq|a i} }~ikk rakk j j ~ha vadc kawak j .9=8 likkij` i` }dka} }aa` i` <667
Dm|j}} ed|ca~}+ ~ha ML\A Mdv \d~a ]q|way vdi`~} d vim~q|a j hadk~hy i`wa}~j| naed`n dm|j}} d `qela| j ed|ca~} I` ~ha >4 edoj| ed|ca~}}q|wayan+ mdv |d~a} j| Mkd}} D }~dlikizan eqk~ihjq}i`b d}}a~} mdea i` kjra| ~hd` 11! i` <4 j ~ha}a ed|ca~} ^hi} 11! kawak i} i`~a|a}~i`bd} ~hi} i} ~ha kawak d~ rhimh jq| amj`jei}~} d~ ML\A Amj`jea~|im Dnwi}j|} d|a ~hi`ci`b ~hd~ ~ha a` Yad| |ad}q|y rikk vadc j`ma ~ha amj`jey i}~h|jqbh ~hi} ~q|lqka`~ vd~mh ^ha}a kjr kawak} |akd~iwa ~j ~ha ^a Yad| ^|ad}q|y nj `j~ }qbba}~ ~hd~ ~ha}a d}}a~} d|a jwa|v|iman }j eqmh d} ~hayi`nimd~a ~hd~ i`wa}~j|} axvam~ ~hd~ ~ha i`mjea b|jr~h }aa` i` eqk~ihjq}i`b ~h|jqbh <644 rikk mj`~i`qa jwa| ~ha `ax~ ar yad|}
]km g|je h ki} lkjr j mm}} h m||` ekihj}i`b m |} `n gj|m}
Njrkjdn d Mjevk~ Ek~ijib M||~ Mdv \d~ Md|~ (VNG)
Njrkjdn d Mjevk~ Ek~ijib Mdv \d~ Gj|md~ Md|~ (VNG)
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 13/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
4=
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Eqk~ihjq}i`b { a}|` \bij`
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ D~kd~d 166! % 766!I
116! % 716! 121! % 216!I
716! % 866! 266! % 916! 866! % 4616!I
Ldk~iej| =86! % 1<1! @*d @*d 1<1! % 121! ><1! % 121! 716! % 2<1! =66! % 266!
Lj~j >66! % >21!I
>16! % 166! @*d 166! % 121!I
121! % 716! I 721! % 2<1! 216! % 8<1!
Md|kj~~ >21! % 121!I
116! % 766! I 121! % 721!I
121! % 721! 266! % 221! 266! % 221!
Odmcjwikk 1<1! % 121! 1<1! % 116! 716! % 266!I
7<1! % 721! I 216! % 816!I
266! % 866!I
Eevi 121! % 716! @*d 121! % 716! @*d 721! % 216! @*d 716! % 2<1! @*d 816! % 4666! @*d 816! % 4666! @*d
Eidei ><1! % 166! 166! % 766! I 116! % 7<1! 116! % 716! 216! % 816!I
216! % 4666!
`dwikk 116! % 7<1!I
1<1! % 766! 7<1! % 266!I
766! % 266! 721! % 216! 721! % 221!
`r Yj|c Mi~y =16! % >16! =16! % >16! ><1! % 116! >66! % 166! 121! % 721!I
116! % 716!I
J|kdnj 1<1! % 766!I
116! % 716! I 766! % 266! 7<1! % 216! 266! % 966! 2<1! % 916!
Vikdnkvid 166! % 1<1!I
>21! % 166! 766! % 721!I
766! % 721! I 266! % 216!I
266! % 216!I
Vi~~l|b 786! % 2<1!I
2<1! % 216! I 266! % 216!I
2<1! % 221! 816! % 966! @*d @*d
\dkib >16! % 116!I
116! % 766! I 116! % 716! 121! % 721! I 721! % 216! 266! % 866!I
^devd 1<1! % 766!I
1<1! % 766! I 766! % 266!I
766! % 266! I 266! % 966!I
266! % 966!I
Rdib~j+ NM =86! % 1<1! @*d @*d 1<1! % 121! ><1! % 121! 716! % 2<1!I
=66! % 266!
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
D~kd~d
Ldk~iej|
Lj~jMd|kj~~
Odmcjwikk
Eevi
Eidei
`dwikk
`r Yj|c Mi~y
J|kdnj
Vikdnkvid
Vi~~l|b
\dkib
^devd
Rdib~j+ NM
/ Mje|n j 4} Hkg <644
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 14/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
4>
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Eqk~ihjq}i`b { M`|k \bij`
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn D~i
Mimdbj
Mimid~i
Mkwkdn
Mjkel
Ndkkd
N~|ji~
hj~j
Iniddvjki
Cdd Mi~y
Eidvjki
}d D~jij
}~. Kji
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/
D~i >21! % 121!I
>21! % 121! 766! % 721! 766! % 721! 716! % 2<1! 716! % 2<1!
Mimdbj >21! % 166!I
>16! % >21! I 7<1! % 716!I
766! % 7<1! I 216! % 221! 2<1! % 216!
Mimid~i 716! % 266!I
266! % 216! I 221! % 8<1! 8<1! % 821! I 966! % 916! 916! % 4666!
Mkwkdn 796! % 216! @*d @*d 966! % 4666! @*d @*d @*d 966! % 4616! 4466! % 4<66!
Mjkel 766! % 266!I
7<1! % 2<1! I 266! % 866!I
216! % 816! 966! % 4466!I
4<66! % 4766!
Ndkkd >16! % 766! 116! % 716! I 716! % 2<1!I
266! % 866! I 866! % 4666!I
866! #
N~|ji~ 721! % 221! 216! % 866! 216! % 816! 866! % 966! 821! % 916! 916! % 4616!
hj~j 166! % 766!I
116! % 716! 716! % 216!I
2<1! % 866! 866! % 966!I
866! % 916!I
Iniddvjki 766! % 716!I
116! % 7<1! 266! % 216!I
716! % 266! I 866! % 966!I
866! % 4<66!
Cdd Mi~y 116! % 716!I
116! % 716! I 266! % 866!I
716! % 266! I 816! % 4666!I
216! % 866!
Eidvjki 166! % 116!I
166! % 116! 7<1! % 721!I
7<1! % 266! I 266! % 216! 266! % 216!
}d D~jij 1<1! % 766! 1<1! % 7<1! @*d 766! % 266! 7<1! % 2<1! 266! % 866! 266! % 8<1!
}~. Kji 116! % 716!I
121! % 716!I
721! % 216! 266! % 216! 816! % 966! 916! % 4666!
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
/ Mje|n j 4} Hkg <644
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 15/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
41
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Eqk~ihjq}i`b { R}|` \bij`
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn Dklt|t
Nw|
Ikdn aevi|
Kd Wbd
Kj Dbk
J|db Mj~y
Vjix
Vj|~kdn
}dm|de~j
}dk~ Kdc Mi~y
}d Nibj
}d G|dmimj
}d~~k
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/
Dklt|t 121! % 766!I
121! % 7<1! 766! % 716! 7<1! % 721! 721! % 216! 266! % 8<1!I
Nw| >21! % 116!I
166! % 116! I 116! % 766!I
116! % 766! I 766! % 716! 766! % 716!
Ikdn aevi| >21! % 116! 166! % 121! I 1<1! % 766! 1<1! % 7<1! I 716! % 266!I
716! % 266!I
Kd Wbd 116! % 766!I
116! % 766! I 766! % 716! 766! % 716! 266! % 866!I
266! % 866!I
Kj Dbk =81! % ><1!I
=21! % >66! ><1! % >16! >66! % ><1! >21! % 116!I
>16! % 1<1!
J|db Mj~y >66! % 166!I
><1! % 1<1! 166! % 121!I
1<1! % 766! 121! % 721! 116! % 721!
Vjix >21! % 1<1!I
1<1! % 116! 116! % 121! 121! % 766! I 766! #I
766! #I
Vj|~kdn >16! % 166! 166! % 116! I 166! % 116! 116! % 766! I 766! % 716! 766! % 716!
}dm|de~j 1<1! % 121!I
1<1! % 121! 766! % 716!I
121! % 7<1! 716! % 266! @*d @*d @*d
}dk~ Kdc Mi~y 121! % 716! @*d @*d @*d 716! % 216! @*d @*d @*d 221! % 816! @*d @*d @*d
}d Nibj ><1! % >21!I
><1! % >21! I 1<1! % 121!I
166! % 121! I 766! % 716! 766! % 716!
}d G|dmimj >66! % >16!I
>16! % 166! I 166! % 116!I
116! % 766! I 116! % 716!I
766! % 716!I
}d~~k >66! % >16! I ><1! % >21! I
166! % 766! I
1<1! % 766! I
766! % 716! I
766! % 266!
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
/ Mje|n j 4} Hkg <644
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 16/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
47
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
\a~dik { J|ir
^ha |a~dik }am~j| hdn laa` ~ha kdbbd|n i`~j ~ha ad|ky }~dba} j ~ha |amjwa|y ri~h i`wa}~j| i`~a|a}~ i` ~hi} }am~j| mjevd|d~iwaky eq~an i`~j <646
awa` d} j~ha| }am~j|} labd` ~j d~~|dm~ i`wa}~j| i`~a|a}~ Ri~h d li~ j d |aljq`n i` |a~dik }dka} d`n d` a`n i` ~ha a|j}ij` ~j v|jva|~y%kawak
va|j|ed`ma+ ~ha i`wa}~ea`~ dm~iwi~y i` ~ha }am~j| |aljq`nan }~|j`bky i` <644 D~ .><4 likkij`+ ~j~dk i`wa}~ea`~ dm~iwi~y i} qv 894! |je d
yad| ad|kia| dmmj|ni`b ~j bq|a} |je \MD ^hi} kawak i} `jr 77! j ~ha vadc kawak j i`wa}~ea`~ }dka} }aa` i` <662
Dm|j}} ed|ca~}+ ~ha ML\A Mdv \d~a ]q|way }hjr} d di|ky mj`}i}~a`~ }~j|y ri~h |abd|n} ~j ~ha v|imi`b j b|jma|y d`mhj|an }hjvvi`b ma`~a|}
wa|}q} ~ha Vjra| Ma`~a| j|ed~ Rha~ha| i`wa}~j|} d|a dm~iwa i` ~ha Mkd}} D+ L j| M }abea`~} j ~ha ed|ca~+ Vjra| Ma`~a| mdv |d~a} d|a mjei`b
i` hibha| ~hd` ~hai| b|jma|y%d`mhj|an atqiwdka`~}3 |jqbhky 16 ld}i} vji`~} dm|j}} dkk mkd}}a} \abd|nka}} j d}}a~ mkd}}+ i`wa}~j|} }aa ka}} |i}c
j j`bji`b }hjmc} ~j b|jma|y |akd~an |a~dik d`n d|a rikki`b ~j vdy v|aeiqe} j| ~ha}a d}}a~}
]km g|je h ki} lkjr j mm}} h m||` `ibhlj|hjjn*mjee`i m`| (b|jm| `mhj|n) |ik m |} `n gj|m}
Njrkjdn d Mjevk~ \~dik `iblj|jjn*Mjeei~y M~| (B|jm|y Dmj|n) M||~ Mdv \d~ Md|~ (VNG)
Njrkjdn d Mjevk~ \~dik `iblj|jjn*Mjeei~y M~| (B|jm|y Dmj|n) Mdv \d~ Gj|md~ Md|~ (VNG)
]km g|je h ki} lkjr j mm}} h m||` jr| m`| |ik m |} `n gj|m}
Njrkjdn d Mjevk~ \~dik Vjr| M~| M||~ Mdv \d~ Md|~ (VNG)
Njrkjdn d Mjevk~ \~dik Vjr| M~| Mdv \d~ Gj|md~ Md|~ (VNG)
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 17/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
42
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
\a~dik @aibhlj|hjjn*Mjeeq`i~y Ma`~a| { a}|` \bij`
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn D~kd~d
Ldk~iej|
Lj~j
Md|kj~~
Odmcjwikk
Eevi
Eidei
`dwikk
J|kdnj
Vikdnkvid
Vi~~l|b
\dkib
^devd
Rdib~j+ NM
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn D~kd~d 766! % 266! 266! % 866! 266! % 216! 866! % 816! 816! % 966! 966! % 4666!
Ldk~iej| 121! % 716! @*d 866! % 816! @*d 966! % 4666! @*d
Lj~j 121! % 716! @*d 266! % 221! @*d 966! % 4466! @*d
Md|kj~~ 716! % 266! 721! % 2<1! 266! % 216! 2<1! % 866! 816! % 4666! 966! % 4466!
Odmcjwikk 716! % 266! 116! % 216! 2<1! % 221! 766! % 866! 866! % 4466! 4666! #
Eevi 816! % 966! 216! % 866! 966! % 4666! 816! % 966! 4666! % 4466! 4666! % 4466!
Eidei 766! % 716! 266! % 866! 216! % 866! 866! % 966! 816! % 966! 966! % 4666!
`dwikk 266! % 2<1! 816! % 966! 866! % 966! 966! % 4666! 4666! % 4466! 4<66! % 4=66!
J|kdnj 716! % 266! 116! % 216! 2<1! % 221! 766! % 866! 866! % 4466! 4666! #
Vikdnkvid 266! % 216! @*d 866! % 816! @*d 966! % 4466! @*d
Vi~~l|b 716! % 216! 716! % 216! 8<1! % 9<1! 8<1! % 9<1! 916! % 4616! 916! % 4616!
\dkib 716! % 266! 266! % 866! 266! % 8<1! 221! % 966! 821! % 4666! 916! % 4466!
^devd 716! % 266! 116! % 216! 2<1! % 221! 766! % 866! 866! % 4466! 4666! #
Rdib~j+ NM 116! % 7<1! @*d 216! % 866! @*d 966! % 4666! @*d
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 18/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
48
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
\a~dik @aibhlj|hjjn*Mjeeq`i~y Ma`~a| { M`|k \bij`
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn D~i
Mimdbj
Mimid~i
Mkwkdn
Mjkel
Ndkkd
N~|ji~
hj~j
Iniddvjki
Cdd Mi~y
Eidvjki
}d D~jij
}~. Kji
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
D~i 7<1! % 721! 721! % 2<1! 216! % 8<1! 866! % 821! 821! % 921! 921! % 4621!
Mimdbj 7<1! % 721! 866! % 966! 216! % 866! 4616! % 4416! 966! % 4666! 4<66! % 4>66!
Mimid~i 266! % 216! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4616! 4<66! % 4>66!
Mkwkdn 2<1! % 221! 916! % 4666! 8<1! % 821! 4421! % 4<<1! 921! % 46<1! 4=66! % 4766!
Mjkel 266! % 216! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4616! 4<66! % 4>66!
Ndkkd 716! % 266! 266! % 216! 221! % 816! 8<1! % 966! 966! % 4666! 4666! % 4466!
N~|ji~ 216! % 866! 916! % 4666! 816! % 966! 4<66! % 4>66! 4666! % 4<66! 4=66! % 4766!
hj~j 716! % 266! 266! % 216! 221! % 816! 8<1! % 966! 966! % 4666! 4666! % 4466!
Iniddvjki 266! % 216! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4616! 4<66! % 4>66!
Cdd Mi~y 266! % 216! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4616! 4<66! % 4>66!
Eidvjki 7<1! % 721! 866! % 966! 216! % 866! 4616! % 4416! 966! % 4666! 4<66! % 4>66!
}d D~jij 721! % 2<1! 2<1! % 221! 866! % 821! 816! % 9<1! 9<1! % 46<1! 46<1! % 44<1!
}~. Kji 266! % 216! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4616! 4<66! % 4>66!
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 19/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
49
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
\a~dik @aibhlj|hjjn*Mjeeq`i~y Ma`~a| { R}|` \bij`
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn Dklt|t
Nw|
Kd Wbd
Kj Dbk
J|db Mj~y
Vjix
Vj|~kdn
}dm|de~j}dk~ Kdc Mi~y
}d Nibj
}d G|dmimj
}d~~k
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
Dklt|t 2<1! % 216! 866! % 8<1! 816! % 966! 966! % 916! 816! % 966! 816! % 966!Nw| 716! % 721! 266! % 221! 2<1! % 221! 866! % 821! 9<1! % 4666! 4666! % 4466!Kd Wbd 2<1! % 8<1! 221! % 821! 8<1! % 9<1! 821! % 921! 9<1! % 46<1! 921! % 4621!Kj Dbk 166! % 766! 766! % 266! 766! % 266! 266! % 866! 866! % 966! 4666! #J|db Mj~y 166! % 116! 116! % 716! 766! % 216! 716! % 866! 866! % 966! 4666! #Vjix 766! % 716! 266! % 216! 716! % 266! 2<1! % 221! 266! % 216! 866! % 816!Vj|~kdn 716! % 266! 216! % 816! 266! % 866! 866! % 966! 866! % 916! 916! % 4466!}dm|de~j 2<1! % 866! 266! % 866! 221! % 816! 216! % 816! 866! % 966! 866! % 966!}dk~ Kdc Mi~y 2<6! % 276! 216! % 8<6! 866! % 816! 8>6! % 966! 946! % 46>6! 916! % 4<<6!}d Nibj 166! % 116! 1<1! % 716! 766! % 266! 716! % 216! 216! % 816! 966! #}d G|dmimj 166! % 121! >21! % 121! 721! % 216! 716! % 216! 866! % 916! 866! % 966!}d~~k 166! % 7<1! 166! % 7<1! 7<1! % 2<1! 7<1! % 2<1! 866! % 4466! 886! % 4466!
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 20/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
<6
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
\a~dik Vjra| Ma`~a| { a}|` \bij`
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
D~kd~d
Ldk~iej|
Lj~j
Md|kj~~
OdmcjwikkEevi
Eidei
`dwikk
J|kdnj
Vikdnkvid
Vi~~l|b
\dkib
^devd
Rdib~j+ NM
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
D~kd~d 716! % 2<1! 2<1! % 816! 216! % 866! 866! % 816! 966! % 916! 966! % 4666!
Ldk~iej| 7<1! % 721! @*d 866! % 821! @*d 9<1! % 46<1! @*d
Lj~j 7<1! % 266! @*d 216! % 8<1! @*d 966! % 4466! @*d
Md|kj~~ 266! % 216! 216! % 866! 866! % 966! 966! % 4666! 966! % 4666! 966! % 4666!
Odmcjwikk 266! % 216! 716! % 866! 216! % 8<1! 266! % 821! 866! % 4466! 4666! #
Eevi 8<1! % 816! 216! % 866! 821! % 9<1! 8<1! % 821! 916! % 4616! 966! % 4666!
Eidei 716! % 2<1! 2<1! % 866! 216! % 816! 816! % 966! @*d @*d
`dwikk 866! % 816! 966! % 4666! 816! % 916! 4666! % 4466! 916! % 4616! 4466! % 4<66!
J|kdnj 266! % 216! 716! % 866! 216! % 8<1! 266! % 821! 866! % 4466! 4666! #
Vikdnkvid 2<1! % 221! @*d 816! % 966! @*d 4666! % 4466! @*d
Vi~~l|b 216! % 866! 216! % 866! 916! % 46<1! 916! % 46<1! 4666! % 4621! 4666! % 4621!
\dkib 266! % 216! 221! % 816! 866! % 966! 816! % 916! 966! % 4616! 916! % 4466!
^devd 266! % 216! 716! % 866! 216! % 8<1! 266! % 821! 866! % 4466! 4666! #
Rdib~j+ NM 766! % 716! @*d 216! % 8<1! @*d 9<1! % 46<1! @*d
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 21/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
<4
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
\a~dik Vjra| Ma`~a| { M`|k \bij`
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn D~i
Mimdbj
Mimid~i
Mkwkdn
Mjkel
Ndkkd
N~|ji~
hj~j
Iniddvjki
Cdd Mi~y
Eidvjki
}d D~jij
}~. Kji
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
D~i 266! % 216! 216! % 866! 866! % 821! 821! % 9<1! 921! % 4421! 4621! % 4421!
Mimdbj 721! % 2<1! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4466! 4<16! % 4>16!
Mimid~i 216! % 866! 966! % 4666! 816! % 966! 4416! % 4<16! 4666! % 4466! 4<16! % 4166!
Mkwkdn 221! % 8<1! 4666! % 4616! 821! % 9<1! 4<<1! % 4<21! 4621! % 4=66! 4=66! % 4766!
Mjkel 216! % 866! 966! % 4666! 816! % 966! 4416! % 4<16! 4666! % 4466! 4<16! % 4166!
Ndkkd 2<1! % 221! 221! % 8<1! 8<1! % 966! 966! % 916! 4666! % 4466! 4466! % 4<66!
N~|ji~ 866! % 816! 4666! % 4616! 966! % 916! 4<16! % 4166! 4466! % 4=66! 4=16! % 4766!
hj~j 2<1! % 221! 221! % 8<1! 8<1! % 966! 966! % 916! 4666! % 4<66! 4466! % 4<66!
Iniddvjki 216! % 866! 966! % 4666! 816! % 966! 4416! % 4<16! 4666! % 4466! 4<16! % 4166!
Cdd Mi~y 216! % 866! 966! % 4666! 816! % 966! 4416! % 4<16! 4666! % 4466! 4<16! % 4166!
Eidvjki 721! % 2<1! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4466! 4<16! % 4>16!
}d D~jij 216! % 866! 866! % 816! 816! % 9<1! 9<1! % 921! 46<1! % 4<<1! 44<1! % 4<<1!
}~. Kji 216! % 866! 966! % 4666! 816! % 966! 4416! % 4<16! 4666! % 4466! 4<16! % 4166!
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 22/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
<<
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
\a~dik Vjra| Ma`~a| { R}|` \bij`
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn Dklt|t
Nw|
Kd Wbd
Kj Dbk
J|db Mj~y
Vjix
Vj|~kdn
}dm|de~j}dk~ Kdc Mi~y
}d Nibj
}d G|dmimj
}d~~k
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
Dklt|t 216! % 866! 216! % 866! 221! % 8<1! 221! % 816! 816! % 966! 816! % 966!
Nw| 721! % 2<1! 216! % 866! 221! % 8<1! 816! % 966! 966! % 4666! 4666! % 4466!
Kd Wbd 216! % 816! 866! % 966! 816! % 916! 966! % 4666! 916! % 4616! 4666! % 4466!
Kj Dbk 116! % 716! 716! % 216! 716! % 216! 216! % 816! 816! % 916! 4666! #
J|db Mj~y 116! % 716! 716! % 216! 266! % 816! 216! % 966! 816! % 916! 4666! #
Vjix 766! % 716! 266! % 216! 716! % 266! 2<1! % 221! 866! % 816! 966! % 916!
Vj|~kdn 266! % 866! 816! % 916! 216! % 966! 816! % 4666! 816! % 4666! 916! % 4416!
}dm|de~j 2<1! % 866! 266! % 866! 216! % 8<1! 216! % 8<1! 866! % 821! 866! % 821!
}dk~ Kdc Mi~y 2=6! % 226! 216! % 296! 8<1! % 8>6! 816! % 89<! 966! % 4676! 916! % 4<<1!
}d Nibj 116! % 716! 716! % 266! 266! % 866! 216! % 966! 816! % 916! 4666! #
}d G|dmimj 121! % 716! 121! % 716! 266! % 866! 266! % 866! 916! % 4616! 966! % 4666!
}d~~k 116! % 716! 116! % 716! 716! % 866! 716! % 866! 966! % 4466! 966! % 4466!
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 23/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
<=
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
I`nq}~|idk { J|ir
^|d`}dm~ij` dm~iwi~y i` ~ha i`nq}~|idk }am~j| j| <644 rd} qv =>8! |je d yad| ad|kia| dmmj|ni`b ~j bq|a} |je \MD Ri~h ~j~dk i`wa}~ea`~
}dka} j .<72 likkij`+ ~ha ed|ca~ i} }~ikk d~ >7! j ~ha vadc kawak j i`wa}~ea`~ dm~iwi~y }aa` i` <662 ^ha|a i} d mkad| i`wa}~j| i`~a|a}~ j|
vd|~imqkd| ~yva} j i`nq}~|idk d}}a~}+ ~ha kd|ba ejna|` ni}~|ilq~ij` d}}a~} q}an i` kjbi}~im} jva|d~ij`} ^hi} v|aa|a`ma hakv} axvkdi` rhy edoj|
ni}~|ilq~ij` hql} }qmh d} Kj} D`baka}+ ~ha I`kd`n Aevi|a+ d`n Mhimdbj dmmjq`~an j| =4! j dkk i`wa}~ea`~ }dka} i` <644
^hi} ejwa ~jrd|n} i`wa}~j| naed`n j| ejna|` ni}~|ilq~ij` d}}a~} md` la }aa` i` |akd~iwa v|imi`b dm|j}} ed|ca~} ha|a d|a d hd`nqk j ed|ca~}
rha|a ~ha}a ~yva} j d}}a~} d|a mkq}~a|an ri~h ed|ca~} kica Ndkkd}+ Mhimdbj+ Kj} D`baka} d`n ~ha I`kd`n Aevi|a }hjri`b mdv |d~a} lakjr 721!
j| ~ha hibha}~ tqdki~y d}}a~} i` <644 dmmj|ni`b ~j ~ha ML\A Mdv \d~a ]q|way Ly mj`~|d}~+ edoj| ed`qdm~q|i`b ed|ca~} i` ~ha Einra}~ ~hd~
hdwa dman amj`jeim |a}~|qm~q|i`b }dr mdv |d~a} j| mkd}} D d}}a~} i` ~ha |d`ba |je ~ha ein 2! ~j ~ha 8! kawak
]km g|je h ki} lkjr j mm}} h m||` i`n}|ik m |} `n gj|m}
Njrkjdn d Mjevk~ In~|idk M||~ Mdv \d~ Md|~ (VNG)
Njrkjdn d Mjevk~ In~|idk Mdv \d~ Gj|md~ Md|~ (VNG)
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 24/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
<>
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
I`nq}~|idk { a}|` \bij`
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/
D~kd~d 266! % 2<1! 216! % 866! 866! % 966! 966! % 916! 966! % 4666!I
4666! % 4466!
Ldk~iej| 7<1! % 716! 266! % 2>6! 786! % 2<6! 221! % 816! 866! % 816! 4666! % 4466!
Lj~j 716! % 266! I 266! % 866! I 866! % 966! I 816! % 916! I 966! % 4666! I 4666! % 4<66! I
Md|kj~~ 266! % 216! I 216! % 866! I 216! % 8<1! 866! % 816! 916! % 4666! I 4466! % 4<66!
Odmcjwikk 216! % 816! 866! % 966! I 866! % 966! 816! % 916! 4666! % 4466! 4466! % 4=66!
Eevi 221! % 8<1! @*d 266! % 216! @*d 8<1! % 821! @*d 221! % 8<1! @*d 966! % 4666! @*d 966! % 4666! @*d
Eidei 1<1! % 7<1! 716! % 216! 766! % 266! 266! % 216! 721! % 221! 221! % 821!
`dwikk 216! % 816! I 866! % 966! I 866! % 966! 816! % 916! 4666! % 4466! 4466! % 4=66!
J|kdnj 2<1! % 216! 8<1! % 821! 866! % 821! I 9<1! % 4666! 821! % 916! 4616! % 4416!
Vikdnkvid 716! % 266! 266! % 866! 866! % 966! 816! % 916! 966! % 4666! I 4666! % 4<66! I
Vi~~l|b 216! % 8<1! I 816! % 966! 821! % 916! 9<1! % 4616! 4616! % 4466! 4466! % 4416!
\dkib 266! % 216! I 216! % 866! I 216! % 8<1! 866! % 816! I 916! % 4666! @*d 4466! % 4<6 6! @*d
^devd 716! % 216! I 266! % 866! I 2<1! % 8<1! I 866! % 821! I 966! % 921! I 916! % 46<1! I
Rdib~j+ NM 7<1! % 721! I 266! % 216! 221! % 8<1! 816! % 966! 916! % 4666! # 4666! % 4<66!
/ Mje|n j 4} hkg <644
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
D~kd~d
Ldk~iej|
Lj~jMd|kj~~
Odmcjwikk
Eevi
Eidei
`dwikk
J|kdnj
Vikdnkvid
Vi~~l|b
\dkib
^devd
Rdib~j+ NM
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 25/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
<1
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
I`nq}~|idk { M`|k \bij`
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/
D~i 266! % 216! 216! % 221! 866! % 816! 816! % 821! 966! % 4666! 4666! % 4466!
Mimdbj 766! % 716! 721! % 216! I 2<1! % 221! I 866! % 816! 816! % 916! 966! % 4666!
Mimid~i 216! % 816! 866! % 966! I 866! % 966! I 816! % 916! 4666! % 4466! 4466! % 4=66!
Mkwkdn 221! % 8<1! 816! % 966! I 821! % 9<1! 966! % 916! 916! % 4616! 4616! % 4416!
Mjkel 221! % 8<1! 816! % 966! 821! % 9<1! 966! % 916! 916! % 4616! 4616! % 4416!
Ndkkd 7<1! % 266! 266! % 216! 221! % 821! 966! % 916! 916! % 4666! 4466! % 4<66!
N~|ji~ 8<1! % 966! 816! % 916! @*d 916!%4666! @*d 4666! % 4466! @*d 4466! % 4=66! @*d 4=66! % 4166! @*d
ak Vdj 8<1! % 966! @*d 816! % 916! @*d 916!%4666! @*d 4666! % 4466! @*d 4466! % 4=66! @*d 4=66! % 4166! @*d
hj~j 7<1! % 266! 266! % 216! 221! % 821! 966! % 916! I 916! % 4666! I 4466! % 4<66!
Iniddvjki 216! % 8<1! 866! % 966! I 866! % 966! 821! % 916! 9<1! % 4466! I 4666! % 44<1! I
Cdd Mi~y 266! % 216! I 216! % 221! I 866! % 816! I 816! % 821! I 966! % 4666! I 4666! % 4466! I
Eidvjki 721! % 216! I 8<1! % 9<1! 866! % 816! I 916! % 4666! I 916! % 4616! 4466! % 4<66! I
}d D~jij 266! % 216! 216! % 221! 866! % 816! I 816! % 821! I 966! % 4666! I 4666! % 4466!
}~. Kji 216! % 866! 816! % 916! 8<1! % 966! I 916! % 4466! 4666! % 4<66! 4466! % 4166! I
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
D~i
Mimdbj
Mimid~i
MkwkdnMjkel
Ndkkd
N~|ji~
ak Vdj
hj~j
Iniddvjki
Cdd Mi~y
Eidvjki
}d D~jij
}~. Kji
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
/ Mje|n j 4} hkg <644
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 26/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
<7
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
I`nq}~|idk { R}|` \bij`
MDV \D^a GJ\aMD}^/
Mkd D Mkd L Mkd M
}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn
Dklt|t
Nw|
Ikdn aevi|
Kd Wbd
Kj DbkJ|db Mj~y
Vjix
Vj|~kdn
}dm|de~j
}dk~ Kdc Mi~y
}d Nibj
}d G|dmimj
}d~~k
Mkd D Mkd L Mkd M
}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/
Dklt|t 216! % 866! @*d 216! % 866! @*d 221! % 816! 221! % 816! @*d 821! % 9<1! 821! % 9 <1! @*d
Nw| 266! % 216! I 216! % 221! 866! % 816! I 816! % 821! I 966! % 4666! 4666! % 4466!
Ikdn aevi| 166! % 116! @*d 116! % 766! @*d 116! % 766! @*d 7<1! % 716! @*d 716! % 266! @*d 266! % 216! @*d
Kd Wbd 2<1! % 8<1! 221! % 821! 8<1! % 9<1! 821! % 921! I 9<1! % 46<1! 921! % 4621!
Kj Dbk 166! % 116! I 116! % 766! I 121! % 716! 7<1! % 266! 266! % 866! 216! % 966! I
J|db Mj~y 166! % 116! I 121! % 716! 121! % 716! 7<1! % 266! 266! % 221! 216! % 8<1!
Vjix 716! % 266! I 266! % 216! I 266! % 216! I 866! % 816! 966! % 916! 4666! % 4616!
Vj|~kdn 266! % 866! I 216! % 966! I 216! % 8<1! 866! % 4666! I 816! % 916! I 816! % 4616! I
}dm|de~j 716! % 266! 816! % 966! 266! % 866! 966! % 4666! I 866! % 966! 966! % 4666!
}dk~ Kdc Mi~y 216! % 296! 866! % 8<6! 866! % 8>6! 8=6! % 876! 966! % 4686! 916! % 4<<6! I
}d Nibj 7<1! % 721! I 721! % 216! I 721! % 2<1! I 266! % 221! I 216! % 8<1! I 866! % 821! I
}d G|dmimj 116! % 716! 766! % 266! I 266! % 816! 266! % 816! I 866! % 4666! I 816! % 4466! I
}d~~k 1<1! % 116! 766! % 716! 766! % 716! 716! % 266! 721! % 2<1! 266! % 216!
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c
/ Mje|n j 4} hkg <644
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 27/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
<2
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Hj~ak} { J|ir
^ha ML\A Mdv \d~a ]q|way v|jwina} i`j|ed~ij` j` ~ha Hj~ak }am~j| ~hd~ i} `j~ |adkky dwdikdlka ak}arha|a Ri~h ~j~dk ~|d`}dm~ij` dm~iwi~y i`
~ha }am~j| |av|a}a`~i`b |jqbhky 2! j d``qdk dm~iwi~y dm|j}} dkk mjeea|midk v|jva|~y }am~j|}+ ~ha|a }ievky j~a` d|a `j~ a`jqbh ~|d`}dm~ij`} ~j
nawakjv |akidlka la`mhed|c} j }dka} mjevd|dlka}
]~ikk+ ~|d`}dm~ij` dm~iwi~y b|ar tqimcky i` <644+ `ad|ky njqlki`b |je <646 I`wa}~ea`~ }dka} mdea i` d~ .49= likkij` i` <644 wa|}q} .98
likkij` i` <646 ri~h i`wa}~j|} axmi~an ly ~ha j`bji`b i`mjea v|j}vam~} d} \awVd| mkielan J` d ej`~hky ld}i}+ ~ha vdma j i`wa}~ea`~ }dka} i`
~ha hj~ak }am~j| }kjran ad|ky i` ~ha >~h tqd|~a| ri~h @jwaela| j <644 dm~qdkky kjra| ~hd` ~ha vdma }a~ i` <646 d} i`wa}~j|} ra|a }~ikk }ci~~i}h
|akd~iwa ~j ~ha amj`jeim }hjmc} }aa` kd~a i` ~ha =|n tqd|~a| ri~h ~ha Q] m|ani~ njr`b|dna Ly Namaela| hjrawa| }dka} ra|a dbdi` hibha|
~hd` ~ha vdma }a~ i` <646 d} i`wa}~j| }ci~~i}h`a}} dnan
^ha ed|ca~} rha|a i`wa}~j|} d|a kicaky ~j dma ~ha kjra}~ bji`b%i` mdv |d~a} ~jndy d|a ~hj}a edoj| ma`~a|} j lq}i`a}} dm~iwi~y rhimh d|a dk}j
d~~|dm~iwa ~j i`wa}~j|} i` ~ha jma }am~j| ]~dlikizan hj~ak mdv |d~a} d|a kjra}~ i` ed|ca~} kica @ar Yj|c+ Lj}~j`+ ]d` G|d`mi}mj d`n ]ad~~ka ri~h
mdv |d~a kawak} kjra| ~hd` 7! j| ~ha kqxq|y }abea`~
]km g|je h ki} lkjr j mm}} h m||` hjk} m |} `n gj|m}
Njrkjdn d Mjevk~ hj~k M||~ Mdv \d~ Md|~ (VNG)
Njrkjdn d Mjevk~ hj~k Mdv \d~ Gj|md~ Md|~ (VNG)
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 28/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
<8
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Hj~ak} { @ij`k
Kx|y Gkk }|wim }km~ }|wim amjjey
}~dlikizn |n/ }~dlikizn |n/ }~dlikizn |n/ }~dlikizn |n/ Dklt|t 866! % 816! I 8<1! % 821! I 816! % 966! I 4616! % 4466! I
D~kd~d 766! % 266! 866! % 966! 816! % 916! 966! % 4666! I
D~i 716! % 266! 916! % 4666! 216! % 866! 4666! % 46<1!
Ldk~iej| 266! % 216! 2<1! % 8<1! 866! % 966! 816! % 916!
Lj~j 766! 716! I 716! I 266!
Mimdbj 266! % 216! 221! % 8<1! 866! % 816! @*d @*D
Mimid~i 266! % 4666! @*D 966! % 4466! @*D 966! % 4466! @*D 4666! % 4<66! @*D
Mjkel 266! % 4666! @*D 966! % 4466! I 966! % 4466! I 4666! % 4<66! I
Ndkkd 766! % 721! 216! % 8<1! 816! % 9<1! I 916! % 46<6!
Nw| 266! % 216! I 2<1! % 221! I 216! % 866! I 916! % 4666! I
N~|ji~ 866! % 816! @*D 916! % 4666! @*D 4666! % 4616! @*D 4466! % 4416! @*D
Odmcjwikk 266! % 816! 216! % 966! 816! % 916! 916! % 4616!Cdd Mi~y 216! % 966! I 816! % 4466! I 816! % 4466! I 4666! % 4<66! I
Kd Wbd @*d @*D @*d @*D 866! % 4666! @*D 266! % 966! @*D
Kj Dbk 766! % 816! I 266! % 966! I 766! % 966! 866! % 4666! I
Eidei 7<1! % 2<1! 216! % 816! 221! % 821! 966! % 4666!
`r Yj|c Mi~y >16! % 116! 116! % 716! 716! % 216! 216! % 816!
J|db Mj~y 766! % 816! I 266! % 966! I 766! % 966! 866! % 4666! I
J|kdnj 266! % 816! 216! % 966! 816! % 916! 916! % 4616! I
Vjix ' mj 766! % 716! I 216! % 866! I 866! % 816! 966! % 916!
Vj|~kdn 166! % 766! 116! % 716! 716! % 216! 966! % 4666!
\dkib 816! % 916! I 816! % 916! 916! % 4616! I 4416! % 4<16!
}d D~jij 7<1! % 721! 9<1! % 921! 2<1! % 221! 921! % 46<1! I
}d Nibj 766! % 816! I 266! % 966! I 766! % 966! 866! % 4666! I
}d G|dmimj 116! % 716! I 716! % 216! I 216! % 966! I 816! % 4666! I
}d~~k 116! % 121! 121! % 716! I 966! % 4466! 4666! % 4<66!
^devd 266! % 816! @*D 216! % 966! @*D 816! % 916! @*D 916! % 4616! @*D
Rdib~j+ NM 266! % 216! 2<1! % 8<1! 866! % 966! I 816! % 916!
/ Mje|n j 4} Hkg <644// wk%nn m |} | l}n j` | = }likizn @JI niinn l jk mj}
M \ ]
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 29/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
<9
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Hj~ak} { @ij`k
Nam|ad}a
\aedi` Gkd~
I`m|ad}a
Kx|y Gkk }|wim }km~ }|wim amjjey }~dlikizn }~dlikizn }~dlikizn }~dlikizn
Dklt|t
D~kd~d
D~i
Ldk~iej|
Lj~j
Mimdbj
Mimid~i
Mjkel
Ndkkd
Nw|
N~|ji~
Odmcjwikk
Cdd Mi~y
Kd Wbd
Kj Dbk
Eidei
`r Yj|c Mi~y
J|db Mj~y
J|kdnj
Vjix ' mj
Vj|~kdn
\dkib}d D~jij
}d Nibj
}d G|dmimj
}d~~k
^devd
Rdib~j+ NM
/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <6 4< i` hi| kjmk e|c
M \ ]
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 30/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
=6
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~ (Jim+ In~|idk+ \~dik+ dn hj~k)
M | |`b} r| l} }ie} |jinn l ML\a |jg}}ij`k} l}n j` |m` |n} i` hi| kjmk e|c } rkk } |m` i`|mij` rih i`}j|} ~h |`b} ||}` hj} m |} h bi` |j| rikk |n i` hi} m||` e|c ]likizn m |} r| l}n
j` i`%km @JI gj| h k} | lgj| no}n gj| |}|} k%nn m |} r| l}n j` |jomn }likizn @JI mk m |}
rihi` mh }} mk}} rikk |+ jmm}ij`kk j}in jg h }n |`b}+ l}n j` }}*kjmij` tki `n |j|%}migim jj|`ii} gj|
@JI `h`me`
Mdv \d~ (Ek~ijib jky)
M | |`b} | l}n j` ` }ien @JI n|in l ``kizi`b h k} 96%n} jg |` `n }l|mi`b rh l|} rjkn }ie
} }likizn+ | j` x`}} g| no}e`} gj| |k } x} `n |}|} dmk m |} rihi` mh }} mk}} rikk |+ jmm}ij`kkj}in jg h }n |`b}+ l}n j` }}*kjmij` tki `n |j|%}migim jj|`ii} gj| @JI `h`me`
MLN
~h M`|k L}i`}} Ni}|im jg eoj| mi
Mkd D
L}%jg%mk}} |jnm+ |m k|b|+ j tki ``} rih 1% `n 46%| k}}+ jg` `r| mj`}|mij`
Mkd L
Jkn| |jnm+ ej}k 1%| k}}+ imkk |ij}k jr`n
Mkd M
~imkk ` jkn| likni`b h jg g|} }m rihj e`ii} d|m} ejn| j kjr i`mje ``}
Dvva`nix { Ngi`iij`}
M \ ~ ]
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 31/32
I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
Mdv \d~a ]q|wayGal|qd|y <64<
=4
;; { 00I` ^hI} I}}qa?
Jw|wir
Jgm
Ek~ijib
\~dik
In~|idk
hj~k
Dvvnix
amjjey
Hjk mhi`} h | |imn rihi` h <66%>66! |m`ik i` |e} jg |b ``k |jje |} mmj|ni`b j ]eih ~|k \}|mh
Gkk }|wim
d hjk |j| rih ej| h` 416 |jje}+ |jje }|im+ ` j`%}i |}|` `n mj`mi|b }|im
Kx|y
Hjk mhi`} h | |imn i` h j 416! |m`ik i` |e} jg |b ``k |jje |} mmj|ni`b j ]eih ~|k \}|mh
`iblj|jjn*Mjee|midk M~| (B|jm|y Dmj|n)
a`mkj}n |ik m`| h i} `mhj|n l }|e|c j| jh| jg b|jm| }j| M` |`b g|je 416C ]G%=16C ]G
Vjr| M~|
J`%i| |ik m`| mje|i}n jg k|b|+ l|`n e ``} Kiein M\q }m `n imkk >66C# ]G j| i` jn jg h }iz
}km~ }|wim
d hjk |j| rih k}} h` 416 |jje}+ `j |jje }|im `n `j j`%}i |}|` j| mj`mi|b }|im
}~dlikizn V|jv|~y
d |j| h h} ` jmm`m kk j| lj h kjmk |b `n| imk e|c mj`niij`}
}l|ld
Ei`k |}in`ik | kjmn rihi` mkj} |jxiei j eoj| mi
Wdk%Dnn V|jv| ~y
d` `n||gj|ei`b |j| h h} ` jmm`m kk lkjr h kjmk |b `n| imk e|c mj`niij`}
Dvva`nix { Ngi`iij`} (mj`i`n)
8/2/2019 CBRE Cap Rate Survey February 2012
http://slidepdf.com/reader/full/cbre-cap-rate-survey-february-2012 32/32
© Mjvy|ibh~ <64< ML\A I`j|ed~ij` mj`~di`an ha|ai`+ i`mkqni`b v|joam~ij`}+ hd} laa` jl~di`an |je }jq|ma} lakiawan ~j la |akidlka Rhika ra nj `j~ njql~ i~} dmmq|dmy+ ra hdwa `j~ wa|iani~ d`n edca `j bqd|d`~aa+ rd||d`~y j| |av|a}a`~d~ij` dljq~ i~ I~ i} yjq| |a}vj`}iliki~y ~j mj`|e i`nava`na`~ky i~} dmmq|dmy d`n mjevka~a`a}} ^hi} i`j|ed~ij` i} v|a}a`~an axmkq}iwaky j| q}aly ML\A mkia`~} d`n v|ja}}ij`dk} d`n dkk |ibh~} ~j ~ha ed~a|idk d|a |a}a|wan d`n md``j~ la |av|jnqman ri~hjq~ v|ij| r|i~~a` va|ei}}ij` j ~ha ML\A Bkjldk Mhia Amj`jei}~
888262=968
rrrml|amje*mdvi~dked|ca~}rrrml|amje*|a}ad|mh
rrrml|amje*wdkqd~ij`
MH\I] KQNAED@
V|a}ina`~
ML\A Mdvi~dk Ed|ca~}
OIE MJ]^AKKJ
Wima V|a}ina`~+ I`wa}~ea`~ ]~|d~aby ]a|wima}
ML\A Amj`jea~|im Dnwi}j|}
L\ID@ ]^JGGA\]
V|a}ina`~
ML\A Mdvi~dk Ed|ca~}
\DY RJ@B
Axamq~iwa Ni|am~j|+ Dea|imd}
ML\A \a}ad|mh
D]IAH ED@]JQ\
Hadn jg \a}ad|mh+ Dea|imd}
ML\A \a}ad|mh
^HJED] EMNJ@@AKK
V|a}ina`~
ML\A Wdkqkd~ij` d`n Dnwi}j|y ]a|wima}